- Joined
- Dec 20, 2009
- Messages
- 75,688
- Reaction score
- 39,962
- Location
- USofA
- Gender
- Male
- Political Leaning
- Conservative
The top Republican in the Senate said Congress and the White House were very close to a deal on raising the limit on U.S. borrowing that would avert an unprecedented default on America's debt, ending one of the nastiest partisan fights in recent memory.
Senate Majority Leader Mitchell McConnell said he was nearing a recommendation of the tentative agreement to Republicans in the upper chamber. It would, he said, likely extend U.S. borrowing authority, which expires on Tuesday, beyond the 2012 presidential and congressional elections, a fundamental demand of President Barack Obama.
At the same time, the agreement would include none of the tax increases Obama has sought and Republicans had steadfastly rejected. It also includes, he said, the requirement that both houses of Congress vote on a constitutional amendment to balance the budget. That outcome of that vote, however, would have no effect on raising the debt limit...
The deal, negotiated late Saturday night, would raise the nation's debt limit would rise in two steps by about $2.4 trillion and spending would be cut by a slightly larger amount, according to officials close to the talks. The first stage — about $1 trillion — would take place immediately and the second later in the year....
Senate Majority Leader Mitchell McConnell said he was nearing a recommendation of the tentative agreement to Republicans in the upper chamber. It would, he said, likely extend U.S. borrowing authority, which expires on Tuesday, beyond the 2012 presidential and congressional elections, a fundamental demand of President Barack Obama.
At the same time, the agreement would include none of the tax increases Obama has sought and Republicans had steadfastly rejected. It also includes, he said, the requirement that both houses of Congress vote on a constitutional amendment to balance the budget. That outcome of that vote, however, would have no effect on raising the debt limit...
The deal, negotiated late Saturday night, would raise the nation's debt limit would rise in two steps by about $2.4 trillion and spending would be cut by a slightly larger amount, according to officials close to the talks. The first stage — about $1 trillion — would take place immediately and the second later in the year....